Federal Prosecutors Complete
Crackdown on Bogus Insurers

Federal prosecutors are close to wiping out the last traces of a ring of bogus insurance companies that saddled California policyholders in the early 1990s with billions of dollars in losses.

The crackdown recently yielded a guilty plea from an executive of an insurance administrator in San Diego and an indictment of a second company's official in Florida. An investigation of the former owner of a third insurer -- which authorities...